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India set to grow 6.4% in FY16: World Bank

The ‘India Development Report’ released by the World Bank on Monday highlights the economic and financial developments of India over the last one year and jots down expectations for the future.

The News International Team

Buoyed by expectations from the new government, the World Bank asserted that India’s growth story is on track with its economy set to grow by 6.4 percent in FY16 versus 5.6 percent in FY15.

The ‘India Development Report’ released by the World Bank on Monday highlights the economic and financial developments of India over the last one year and jots down expectations for the future. Progress in real sector activity, balance of payments, inflation, health of financial sector, fiscal developments, poverty and income distribution and reform actions are the major yardstick on which the bank has based its report.

In the previous quarter the Indian economy registred a mere 5 percent GDP growth whereas for the fiscal year ended March 2014, the country’s GDP growth slowed to 5 percent from 8 percent average growth seen over the past decade.

Last year, the multilateral agency had lowered GDP growth projection for the yaer 2013-14 to 4.7 percent

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